HomeMy WebLinkAbout2588ORDINANCE NO. 2588
AN ORDINANCE AMENDING ORDINANCE NO. 2586
TO CHANGE THE REDEMPTION PROVISIONS
FOR THE CONSOLIDATED LOCAL IMPROVEMENT
DISTRICT NO. 1990-1 BONDS.
WHEREAS, the City Council of Port Angeles passed Ordinance No.
2586 on May 1, 1990 providing for the consolidation of Local
Improvement Districts Nos. 209, 210 and 212 into Consolidated Local
Improvement District No. 1990 -1 and authorizing the issuance of
bonds of such consolidated district in the principal amount of
$152,237.56 (the "Bonds "); and
WHEREAS, it is necessary to amend the redemption provisions
of the Bonds to conform to the marketing information prepared for
the Bonds;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF PORT ANGELES,
WASHINGTON DO ORDAIN AS FOLLOWS:
Section 5 of Ordinance No. 2586 is hereby amended to read as
follows:
Section 5. Redemption. The Bonds maturing in the years 1991
through 1995 shall not be redeemed prior to their scheduled
maturity. The Bonds maturing on May 1, 2002 shall be redeemed at
par in advance of their scheduled maturity, by application of
Assessments and prepayments thereof, in whole or in part in
numerical order, on any interest payment date whenever there shall
be sufficient money in the Bond Fund to pay the same and all Bonds
which mature at such time, over and above an amount sufficient for
the payment of the interest next accruing on all unpaid Bonds. The
Bond Registrar shall maintain a system of numbering which shall
permit reissued and /or transferred Bonds to be called in accordance
with their original number at the time of issuance.
Notice of any such intended redemption shall be given not less
than thirty days nor more than sixty days prior to the date fixed
for redemption by first class mail, postage prepaid, to the
registered owner of any Bond to be redeemed at the address
appearing on the Bond Register. The requirements of this section
shall be deemed to be complied with when notice is mailed as herein
provided regardless of whether or not it is actually received by
the owner of any Bond.
Interest on any Bond so called for redemption shall cease to
accrue on the date fixed for redemption unless such Bond or Bonds
so called are not redeemed upon presentation made pursuant to such
call.
All of the other provisions of Ordinance No. 2586 are hereby
ratified and affirmed.
This ordinance shall take effect five days after its passage
and publication as required by law.
Passed by the City Council at a regular meeting held this
15th day of May, 1990.
ATTEST:
''l .lf Sri g,,
City Clerk
Published: 5/17/90 (by summary)
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(Mayor
MEMORANDUM
May 11, 1990
TO: Manager Flodstrom, Mayor Sargent, Council Members
FROM: Administrative Services Department
Re: Consideration of Amendment to LID Bond Ordinance
ISSUE
Should the Council adopt the attached ordinance amending the
recently adopted Bond Ordinance for CLID 1990?
BACKGROUND /ANALYSIS
At the last meeting, Council adopted an ordinance authorizing the
issuance of LID bonds. Inadvertently, the maturity schedule and
call features were incorrect in the ordinance. The attached
ordinance amends Section 5 to correct the discrepancy. Once this
is adopted, the features of the bonds will be as detailed at your
previous meeting.
RECOMMENDATION
We recommend that Council adopt the attached ordinance amending
Ordinance #2586 and authorize publication by summary.
Prepared by:
RDW:CH
Attachments
PRESTON
THORGRIMSON
SHIDLER
GATES & ELLIS
ATTORNEYS AT LAW
May 9, 1990
R. Duane Wolfe
Finance Director
City of Port Angeles
321 East 5th
P. O. Box 1150
Port Angeles, WA 98362
Michelle Maike
City Clerk
City of Port Angeles
321 East 5th
P. O. Box 1150
Port Angeles, WA 98362
5400 COLUMBIA CENTER
701 FIFTH AVENUE
SEATTLE, WA 98104 -7078
TELEPHONE: (206) 623 -7580
FACSIMILE: (206) 623 -7022
NANCY M. NERMS
Enclosed is an ordinance amending Ordinance No. 2586 to change
the redemption provisions of the bonds and a summary of the
ordinance for publication. Please feel free to call me with any
questions.
NMN:ih
Enclosures
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cc: Fred Eoff
BELLEWE, WA
(106)155 -000
PAX: (106)6163061
SPOKANE, WA
(5099)®1 -2100
FAX (509)456046
Very truly yours,
PRESTON THORGRIMSON
SHIDLER GATES & ELLIS
By
TACOMA, WA
(106) 91 -1500
PAX: (206) 922913
1
Nancy M. Neraas
ANCHORAGE, AX
(907)961969
FAX (907) 961365
A PARTNERSHIP INCLUDING A PROFESSIONAL CORPORATION
PORTLAND, OR
(503) 118-3200
FAX: (503) 2469085
WASHINGTON, DC
(1(0) 611.1700
FAX: (20) 331 -1014
SUMMARY OF ORDINANCE ADOPTED BY
THE PORT ANGELES CITY COUNCIL
AT THEIR REGULAR MEETING OF MAY 15, 1990
Notice is hereby given that the Port Angeles
City Council passed Ordinance No. 2588 on May
15, 1990 amending Ordinance No. 2586 of the
Council to change the redemption provisions of
the Consolidated Local Improvement District
No. 1990 -1 Bonds. The Bonds maturing in 1991
through 1995 will not be subject to
redemption. The Bonds maturing in 2002 will
be subject to redemption on any interest
payment date.
This ordinance shall take effect 5 days after
publication. Full text of said ordinance shall
be mailed upon request.
Michelle M. Maike
City Clerk
Publish: May 17, 1990